Bitcoin exchange-traded funds attracted over $1 billion in net inflows, equivalent to 14,706 Bitcoin
It’s a rare day today — Bitcoin and Bitcoin ETFs both made records, and the rally is not going to end anytime soon. Spot Bitcoin exchange-traded funds (ETFs) in the U.S. reached a new milestone by attracting more than $1 billion in net inflows. Over the last 13 days, daily inflows into the 10 spot Bitcoin ETFs have topped $11.1 billion, according to data tracking site BitMEX Research.
The latest data indicates that spot Bitcoin ETFs, which recorded more than $1 billion in net inflows, or about 14,706 BTC, were primarily contributed by BlackRock $BLK’s iShares Bitcoin ETF (IBIT), which saw a record $849 million inflow.
Among the top Bitcoin ETFs, BlackRock’s IBIT now has around 204,000 BTC in assets, worth around $15 billion at current prices. Fidelity’s FBTC is currently in second place with over 128,000 BTC, and Ark Invest 21Shares’ ARKB is third with nearly 38,000 BTC, according to BitMEX Research. Amid the competition, VanEck’s spot Bitcoin exchange-traded fund has waived the fee for the first $1.5 billion in assets until the end of March next year.
The obsession with Bitcoin ETFs has combined the mainstream financial industry with crypto, and it doesn’t look like it’s going to end anytime soon.
The upcoming event known as “Bitcoin halving” will reduce the supply of new Bitcoins by half. This event is likely to increase competition for investor funds. In addition, the hope of the Fed cutting interest rates may push the bullish market to new heights.
At the time of writing, Bitcoin was trading near $73,000, following its recent all-time high, and aiming for $74,000.
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